The peripheral artery disease market accounted for $3,524.77 million in 2019, and is expected to reach $5,715.12 million by 2027, registering a CAGR of 8.5% from 2020 to 2027.
Peripheral artery disease (PAD) is a common circulatory problem in which narrowed arteries reduce blood flow to limbs. PAD usually affects arteries in the legs and sometimes affect the arteries that carry blood from heart to head, arms, kidneys, and stomach. It is caused by deposition of fats (plaques) in the artery walls, which reduces the blood flow to organs, limbs, and head.
Factors such as rapid growth in geriatric population and subsequent increase in prevalence of peripheral artery diseases, along with increase inproduct approvals drive growth of the peripheral artery disease market. In addition, rise incases of diabetes drive growth of the peripheral artery disease market. However, the issue of restenosis (reoccurrence of peripheral artery disease even after the treatment) impedes the market growth.In addition, constantly changing lifestyle habits such as unhealthy dietary habits, excessive alcohol consumption, obesity, smoking, and lack of physical activity also make individuals more susceptible to peripheral artery disease and thus, drive the market growth. For instance, according to the American Heart Association, peripheral artery disease (PAD) affects over 8.5 million Americans yearly.
Most markets are dropping down,owing to the outbreak, including the peripheral artery disease market. The peripheral artery disease market is negatively impacted by the pandemic as most countries adopted lockdown to combat the pandemic. In addition, the American College of Surgeons (ACS) has recently developed guidelines for triage of vascular surgery patients, suggesting that non-emergency peripheral vascular procedures such as endovascular therapy for claudication should be postponed. Moreover, in regions severely affected by COVID-19, vascular procedures have been reduced to life or limb salvaging cases, owing to new government directives or hospital guidelines.All these factors are anticipated to impact the peripheral artery disease market as well in the future.
By Type
Plaque Modification Devices is projected as one of the most lucrative segment.
Region wise, the peripheral arterial disease market is segmented in North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in 2019. The dominance is majorly attributed to high adoption rates of minimally invasive surgeries and higher healthcare expenditurein the region. Moreover, Europe accounted for the second largest market for peripheral arterial disease. In addition, rise in aging population is also expected to boost the demand for peripheral arterial devices in the forecast period.
By Region
Asia-Pacific region would exhibit the highest CAGR of 9.4% during 2020-2027.
Some other drivers in the include rise indemand for minimally invasive endovascular procedures, owing to their shorter recovery time, lesser scaring, and lesser chances of post-surgery infections. In addition, growth inprevalence of disease-causing lifestyle and eating habits such as high consumption of alcohols, tobacco products, and smoking cigarettes is expected to boost peripheral vascular devices demand by triggering incidence rates of cardiac arrest, blood clotting, and other vascular diseases.
Rise in prevalence of population suffering from cardiac diseases is expected to positively affect growth of the peripheral artery disease market. Moreover, increase in initiatives undertaken by authorities and governments to improve healthcare systems and spread awareness regarding benefits of PAD devices are also expected to increase growth of the market during the forecast period.
Peripheral Arterial Disease market Segmentation
The peripheral artery disease market is segmented on the basis of type and region. On the basis of type, it is categorized into peripheral angioplasty balloons, peripheral stents, peripheral catheters, inferior vena cava (IVC) filters, plaque modification devices, hemodynamic flow alteration devices, and peripheral accessories. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Spain, Italy, and rest of Europe), Asia-Pacific (Japan, China, India, Australia,and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Segment review
On the basis of type,the peripheral stents segment dominated the global market in 2019, and is anticipated to continue this trend throughout the forecast period, due tothe technological advancement in stents such as drug eluting and drug coated stents. Furthermore, growing access to peripheral stents in angioplasty and traditional open surgery, is expected to accelerate the growth of global market and hence are projected to be in demand throughout the forecast period.
Snapshot of Asia-PacificPeripheral Arterial DiseaseMarket
Asia-Pacific is anticipated to be the most lucrative market for peripheral arterial disease. Major factors that attribute toward the fastest growth of this region is presence of large patient pool with unmet medical needs. In addition, growth in healthcare scenario in Asian countries, coupled with growth in GDP and government initiativesare expected to boost growth ofthe peripheral arterial disease market. Brazil have a significant potential for growth, owing to developing medical infrastructure, high disposable income, and risein prevalence of peripheral arterial diseases in the region. Furthermore, increase in population coupled with high growing geriatric population provide lucrative opportunities for key players operating in the PAD market. In addition, rise in healthcare expenditure and developing guidelines are expected to propelthe market growth in the region.
The key companies operating in the peripheral artery disease market include Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Cardinal Health, Inc., Becton, Dickinson and Company, Terumo Corporation, Koninklijke Philips N.V, AngioDynamics, Inc., BIOTRONIK, and B. Braun Melsungen AG.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the peripheral artery disease market along with current trends and future estimations to elucidate the imminent investment pockets.
- It offers a quantitative analysis from 2019 to 2027, which is expected to enable stakeholders to capitalize on prevailing peripheral artery disease market opportunities.
- The key market players and their strategies have been analyzed to understand the competitive outlook of the peripheral artery disease market.
Peripheral Artery Disease Market Report Highlights
| Aspects | Details |
 By Type |
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 By Region |
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 Key Market Players | B. BRAUN MELSUNGEN AG, ANGIODYNAMICS, INC., CARDINAL HEALTH, INC., BOSTON SCIENTIFIC CORPORATION, TERUMO CORPORATION, BECTON, DICKINSON AND COMPANY, KONINKLIJKE PHILIPS N.V. (PHILIPS), COOK MEDICAL, INC., BIOTRONIK, INC., ABBOTT LABORATORIES |
Analyst Review
This section provides various opinions of top-level CXOs in the peripheral artery diseases market. According to CXOs, adoption of peripheral artery diseases is expected to increase, owing to increase in prevalence of diabetes, cardiac disease, rise in geriatric population, and growth in demand for PAD devices fuels the market growth. In addition, players operating in the global peripheral artery disease market are focusing on product launches, approvals, and partnerships to gain market dominance and keep their products updated and in demand. For instance, Ra Medical Systems, makers of excimer lasers and catheters for cardiovascular and dermatological diseases received market clearance from FDA in 2017 for its DABRA System. This system clears blockage and removes plaque from arteries. It is a faster and less-expensive solution as compared to other treatments. In addition, constantly changing lifestyle habits such as unhealthy dietary habits, excessive alcohol consumption, smoking, obesity, and lack of physical activity make individuals more susceptible to peripheral artery diseases, which drives the market growth.
North America is expected to dominate the global peripheral artery disease market in the future, followed by Europe. Moreover, Asia-Pacific is expected to represent the highest market growth potential during the forecast period due to the growing patient pool and increasing technological advancements. The fast growth of Asia-Pacific is attributed to the increase in per capita income along with government initiatives to enhance quality of healthcare and rise in diabetes is the major concern in this region. China, India, and Australia have a lucrative market for peripheral artery disease, owing to growing older population. In addition, PAD device manufacturers and distributors focus to expand their presence in emerging economies to increase their market outreach. A rapid growth was observed in shipments of these devices by key manufacturers to improve obstetrics and healthcare services in emerging nations. This trend is expected to offset challenging conditions in mature markets such as North America and Europe.
The total market value of peripheral artery disease market is $3,524.77 million in 2019.
The forcast period for peripheral artery disease market is 2020 to 2027
The market value of peripheral artery disease market in 2027 is $ 5,715.12 million.
The base year is 2019 in peripheral artery disease market
Top companies such as Koninklijke Philips N.V., ABBOTT LABORATORIES, Cook Medical LLC, Becton, Dickinson and Company, and Terumo Corporation held a high market position in 2019. These key players held a high market postion owing to the strong geographical foothold in different regions.
In type segment plaque modification devices is the most influencing segment. Increase in incidences of plaque buildup in peripheral arteries is the major factor that drives the market. In addition, these devices are extremely useful when ballooning of arteries fail, hence it becomes a necessity to use plaque modification devices.
The major factor that fuels the growth of the global peripheral artery disease market includes growth in geriatric population and increase in prevalence of peripheral artery disease, advanced interventional products, improvement of healthcare infrastructure in developing countries. This leads to surge in demand for peripheral artery disease devices which contribute to the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the emerging countries. This is due to improvement in health awareness, development in healthcare infrastructure, and rise in number of hospitals equipped with advanced medical facilities.
Peripheral artery disease (PAD) is a disease of blood vessels located outside the brain and heart. PAD occurs when plaque builds up in arteries that carry blood to the head, organs, and limbs.
Increase in number of aging populations worldwide and and increase in incidences of disorders such as diabetes and hypertension, which, in turn, increases the risk for peripheral artery diseases.
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